Technology South America Exclusives

Colombia oil and gas, GeoPark, James Park, South America oil and gas

For 2018, GeoPark is focused on Colombia's Llanos 34 Block where it plans to invest about $90 million.

The regulation, called the Production Safety Systems Rule, addresses safety and pollution prevention equipment, subsea safety devices and safety device testing for oil and gas production on the U.S. Outer Continental Shelf.

Brazil oil and gas, R&D investment, Petrobras, ANP

ANP, the country’s oil and gas regulator, is working on a regulatory framework aimed at encouraging R&D activity in Brazil.

Bolivia natural gas, Evo Morales, gas production, gas export

A recent surge of interest is putting the country on the radars of major oil and gas companies.

Brazil oil and gas, presalt, auction, Rodrigo Maia, offshore

Despite the results, some believe more regulatory changes are needed.

Contracts South America

The FPSO unit will process up to 180,000 barrels per day of oil and 12 million cubic meters of gas, Petrobras said. Production is forecast to begin in 2021.

As part of the Argentina’s Gas y Petróleo del Neuquén’s fifth  bidding round, Statoil was awarded the Bajo del Toro Este exploration license.

Africa Oil Corp. said on Nov. 13 it has entered into a strategic partnership with Eco Atlantic Oil & Gas Ltd. for exploration in West Africa and Guyana.

Petrobras has asked Odebrecht’s offshore drilling arm to halt operations of a rig, according to a document seen by Reuters on Nov. 6, after an explosion there killed three people in June.

Petrobras SA (NYSE: PBR) has signed a letter of intent (LOI) with BP Plc (NYSE: BP), the company said on Oct. 31.

Digital South America

digital technology, oil and gas, subsea, Petrobras, Aker, Brazil

Executives from oil and gas, supply and technology companies met in Rio de Janeiro to discuss the latest oil and gas technology trends.

Equipment South America

With the necessity of the development of ultradeepwater projects located in the presalt layer, many FPSO unit building companies eye Brazil as a good opportunity to ensure new contracts.

Libra, a giant oil field located in Brazil’s presalt area, will boost many business opportunities over the next years.

Four years after Total and its partners paid 622 million reais (US$196 million) for five exploration blocks, they are still waiting for the go-ahead from Brazil's environmental regulator, Ibama.

Saipem’s flagship vessels FDS2 and the Normand Maximus will carry out the work, which will begin in 2019.

The vessel will be performing well intervention services under a multiyear contract with Petrobras, according to a Business Wire news release.

Operations South America

Insufficient investment, payment delays to suppliers, and the sanctions imposed by the administration of U.S. President Trump have hammered Venezuela's oil industry and saw production fall.

President Energy Plc said on Jan. 12 it retrieved successful results from its third and fourth workover wells at the Puesto Flores Field, Rio Negro Province, Argentina.

MODEC, Mitsui, MOL, Marubeni and MES to proceed with the ultradeepwater FPSO charter project for Sepia area of Brazilian offshore pre-salt oil field.

The companies will evaluate areas of mutual interest that can bring together their experience across all sectors of the oil and gas production value chain,

The figures would be a total investment increase of 30% to 45% over this year when oil companies spent $2.3 billion on production and $1.1 billion on exploration, according to the Colombian Petroleum Association.

People South America

Venezuelan authorities on Nov. 30 arrested two once-powerful officials who had run the oil ministry and state energy company PDVSA as part of a deepening industry purge also seen as a power play by leftist President Nicolas Maduro.

Industry analysts and sources said the surprise appointment of Manuel Quevedo, a former housing minister with no known energy experience, was a bad omen for the country’s oil industry.

Arrest of acting president of Citgo part of the country’s corruption purge.

Two former executives at Dutch oil services company SBM Offshore NV have pleaded guilty to U.S. charges that they participated in a scheme to bribe officials at three foreign state-run oil companies.

Marine engineering group SBM Offshore NV said a Brazilian investigation into its role in corruption cases had not been resolved and set aside an additional $238 million provision on Nov. 6 to cover costs from an unexpected U.S. inquiry.

Regulations South America

Investors sued Petrobras after prosecutors in Brazil accused former executives at the company of accepting more than $2 billion in bribes over a decade in the so-called "car wash" corruption scandal.

But before Dec. 22, no rules had been set to dictate how PPSA sells that output, which is the percentage pledged to the government after factoring in costs.

Under the terms of the agreement, ConocoPhillips said on Dec. 4 that it will recover a total of $337 million from Ecuador.

The injunction was blocking the sale of a 22.5% stake in the Iara Field and a 35% stake in the Lapa Field to Total SA.

U.S. oil service companies face hard decisions in the coming weeks on whether to continue working for Venezuela’s state-run oil company Petróleos de Venezuela SA.